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2017 (5) TMI 479 - ITAT MUMBAITreatment of capital gain/loss as business gain/loss - Held that:- As in earlier year similar transactions were treated by the ITAT as transactions of investment giving rise capital gains/loss. Furthermore Hon’ble Delhi High Court in the case of Radials International (2014 (5) TMI 18 - DELHI HIGH COURT) has held that investment activity through PMS agreement doesn’t given arise to business activity of making profit. Hence we hold that assessee’s investment activity cannot be held to be business activity. Accordingly the gain/loss on account of share transactions are to be assessed under the head of capital gains. Accordingly, we set aside orders of authorities below, and decide the issue in favour of assessee. Disallowance u/s. 14A - Held that:- On issue of disallowance u/s.14A earlier the tribunal has remitted the issue to the file of the A.O with certain directions. On the facts of the circumstances of the case, in our considered opinion the issue in the present appeals also need to be remitted to the file of the A.O with similar directions. Both the counsel fairly aggrieved to this proposition. Accordingly respectfully following precedent from tribunal in assessee’s own case as above we remit the issue to the file of A.O with similar direction to examine the issue accordingly.
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